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Rigid polyurethane foam will stimulate polyurethane market demand
According to the latest research report released by the US market research firm GrandView Research, by 2020, the global rigid polyurethane foam market is expected to reach US$ 73.601 billion. Furniture and indoor applications dominate the polyurethane market, with a demand of approximately 3,991.6 tons in 2013. The increased use of automobiles and electronic appliances, including seat cushions, interior trims and refrigerators, will stimulate demand in the polyurethane market.
The Asia Pacific region is the world's largest market for flexible polyurethane foams. In 2013, the demand for polyurethane in the region was around 7,352.6 tons. During 2014-2020, demand is expected to increase at a compound annual growth rate of 5.9%. Increases in construction spending in emerging markets such as China and India will boost the development of the polyurethane market in the Asia Pacific region. In addition, strong demand in the automotive and electronics sectors also plays an important role. In terms of production, the relatively low raw material pricing in the Asia-Pacific region is the biggest advantage for industry professionals.
The main findings of the report show:
In 2013, the global polyurethane market demand was 15,670.6 tons. By 2020, it is expected to reach 22,058.4 tons. The compound annual growth rate for 2014-2020 will reach 5%.
In 2013, soft polyurethane foam and rigid polyurethane foam accounted for 38% and 26% of the total market respectively.
The use of autos is expected to become the market with the greatest potential for polyurethane development. The compound annual growth rate for 2014-2020 is expected to reach 5.3%.
In the Asia-Pacific region, China is the largest consumer of polyurethanes, and its demand in 2013 accounted for more than 25% of the region. Strong domestic demand and production capacity will drive demand for polyurethane in China.
The United States is the largest consumer of polyurethane in North America, and its demand in 2013 accounted for more than 83% of the polyurethane market in North America.
The global rigid polyurethane foam market is extremely competitive. Product innovation and application development drive the development of this market. In the next six years, R&D spending in this market will continue to increase, and many companies will focus on the development of bio-based polyurethane solutions.